The State Bank of Vietnam (SBV) on June 15 issued document officially approving in principle the merger between Hanoi Building Commercial Joint Stock Bank (Habubank-HBB) and Saigon Hanoi Commercial Joint Stock Bank (SHB) basing on the merger proposal of SHB sent to the central bank.
Accordingly, the central bank required SHB and HBB to complete dossiers as prescribed in Clause 2 of Article 11 of Circular No 04/2010/TT-NHNN dated on February 11, 2010 of the central bank that ruled merger, consolidation and acquisition of credit institutions, then submit for the central bank’s governor for consideration and approval.
Earlier, on April 28, at the annual general meeting (AGM) of Habubank, more than 85 percent of shareholders agreed with the merger plan between HBB and SHB. The merger plan with SHB is considered a safe escape for Habubank.
The central bank also asked these banks to ensure the interests and rights of customers, especially the interest of depositors in each credit institution. To ensure the stability of the whole banking system and interest of customers, mergers and restructuring of ailing banks will be cautious.